Monday, April 05, 2004

CNN.com - Doctors switching to cash-only payments - Apr 5, 2004

This is actually something I have recommended to my brother who is an independent consultant. All doctors accept cash, of course, so he is getting a high-deductable insurance policy (being that he is 25 year-old non-drinker, non-smoker, runner, etc.) for a huge discount to what he would pay for comprehensive insurance.

Another downside to the insurance collection nightmare is that in order to recoup the costs of collection doctors often add procedures to the bills they send to the insurance companies and ask for more money. In the end, everyone loses. Doctors do not make more money, insurance companies pay out more and spend billions on fighting insurance fraud, and workers and employers pay more in insurance premiums.